Shepparton News

Confident buyers invest in Shepparton

- By Darren Linton

Three commercial properties in Shepparton have sold for a combined $9.3 million at auction in Melbourne.

The jewel in the crown was an undevelope­d block of land on Wyndham St just north of McDonald’s, which didn’t go to auction — it will instead be sold by expression of interest.

The block measures 8547sq m and could accommodat­e a large developmen­t in a prominent highway frontage in central Shepparton.

Bidding for the new 7-Eleven site on Numurkah Rd, Shepparton, started at $5.1 million and in a dozen bids rose to $5.77 million before being sold.

The site has a long lease in place and an estimated annual net return of 5.57 per cent.

The site of the Shepparton Veterinary Clinic on Wanganui Rd attracted an opening bid of $2 million and eventually sold for $2,615,000, representi­ng an annual yield of 5.43 per cent.

The site of the Kialla Veterinary Clinic sold for $985,000 after spirited bidding that started at $800,000.

The national auction was conducted by Burgess Rawson in Melbourne in conjunctio­n with Gagliardi Scott Real Estate.

“Because the metropolit­an yields are so low it has put regional centres on the map and because Shepparton is economical­ly strong we are attracting buyers’ confidence,” Rocky Gagliardi said.

“There is a lot of investment happening in the area.”

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